Not concerned. they will have to raise in the market the two...

Not concerned. they will have to raise in the market the two conventional ways equity and debt.

The bottom line is the enterprise is still at a very speculative stage. However, since they get to secure a largely built (and debugged) plant plus rights to Au on IGO's tenements they are way ahead of others at this point in their move from explorer/developer to producer. As soon as the DFS and/or BFS is out it will show that.

I.e. you/we are approaching the banks and equity market with plant worth say $150m to borrow against it will show up in the NPV and IRR of the DFS which contains cash flows including depreciation and the tax effect of it. I would expect the DFS to show an IRR of the order of 23% Plus after-tax with the shorter mine life limiting this. Exploration success both in areas outside the current Ravenswood drilling and in the drilling to upgrade the resource will act to counteract that. The resource upgrade including updated numbers about Resource and Reserve will come out before the DFS.

I am waiting for the DFS and have only committed sufficient to capital to "hold my place" with the right to equity issuance so far. If I had put more in I would be happier but I expect most experienced investors and especially Fund managers would approach it the be similar. It's essentially

Now I'm being a lot more upfront than others but I'm confident enough to show my cards. I would appreciate backup from someone like Binwood but he was probably confident enough to have stuck in a bigger amount at say 5.5 to 5.8c.

It's not an issue we both have been a tit long enough to (roughly) know our investor risk profile compared to our ability.

All IMVHO & please DYOR
PS people are speculating like hell on other gold developers why not on this one which is somewhat more advanced when the deal is fleshed out? E.g. I have a similar thing happening at MEK but they have raised capital and it only checked stride a little as far as I'm concerned. The kind of thing that makes people confident (+/-over).